🤯 Picked by our AI, this stock rallied more than Nvidia this month, yielding 94% since MarchSee the stock

Asian currencies subdued, Yen sticks to lows

Published 07/10/2017, 10:52 PM
Updated 07/10/2017, 11:24 PM
© Reuters.  The Japanese yen has been hitting four-month lows against the USD.

Investing.com - The yen seesawed in a narrow band on Tuesday morning in Asia, a day after hitting four month lows against the USD, with most Asian currencies remaining subdued.

The yen at 114.20 by mid-morning, gaining some lost ground, with a weakening in machine order and soft current account figures weighing on investors.

In China, the yuan remained flat, with the People's Bank of China setting the reference rate around which the yuan is allowed to trade at 6.8045, giving up 0.04% against the USD.

The South Korean won was down 0.09% in early morning trade to 1150.500 to the USD.

The U.S. dollar index, which measures the greenbackís strength against a trade-weighted basket of six major currencies, was up 0.06% to 95.87 at mid-morning in Asia. The dollar rose against a basket of the other major currencies on Friday after data showing that the U.S. economy created jobs at a robust pace last month supported expectations for a third hike by the Federal Reserve this year. The U.S. economy added 222,000 jobs last month the Labor Department reported, more than expected. The rapid pace of jobs growth reassured investors that the economy is on a strong enough footing to justify the Fedís plans to raise interest rates once more this year.

Investors are now looking towards Fed Chair Janet Yellen's testimony on monetary policy as well as U.S. data on inflation and retail sales, both of which are due out on Friday, and trade data from China on Thursday. The Fed hiked rates at its June meeting and stuck to its forecast for one more rate hike this year, but a subdued inflation outlook has cast doubts on whether it will follow through.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.